We sat down with Michael Stone of Invigor Group, a pioneering company that looks to bring Australia’s data analytic services into the future.
The question that inevitably surfaces for CEOs trying to navigate the concept of data driven solutions is ‘Who can give me clear solutions to the complexities I face’. It is often hard to identify the right people to help clients understand how data can best be used and delivered. All too often, executives feel overwhelmed with the data sets they are expected to understand, who are therefore left puzzled in how to implement them effectively to streamline operations.
They often hire experts, but subsequent reliance on internal staff for consistent operational implementation can often be prejudiced by staff turnover and management problems. CEOs need to identify the best external partners who are not only able to inculcate the best data practices, but also to provide solutions that align with the best industry practices on an ongoing basis.
We spoke with Michael Stone, who is the Director of Products for Invigor Group and well understands the challenges companies face in implementing actionable insights and innovative data solutions.
TBS: For the TBS audience, could you both provide a little background into your career and how you ended up in the digital space?
Michael Stone: My background is in mobile telecommunications and I was heavily involved in the transition from 2G to 3G and then to 4G. Today’s smartphones are light years from the voice and SMS devices of the 90’s, and almost everyone’s life has changed as a result. Given the migration of content consumption, social network interaction, commerce and advertising to the mobile device, it was a natural career progression to move into digital.
What do you think it is the area of digital and analytics that is most misunderstood by companies across Australia?
We are still at the early stages of becoming data and analytics driven businesses. For many companies, analytics is about gathering all of its data into one place and then building reports and dashboards. Unfortunately, this still relies on individuals remembering their login details, finding time to look, interpret and make decisions on the basis of those charts, executing those decisions based on what is more important for the company.
This is a great first step but at Invigor, our focus is delivering the ‘so what’ as well as automating the application of it into business processes and operations.
When a client approaches Invigor Group for the first time, how do they come to realise that the products can meet their needs better than any other data firm?
We have some unique and valuable point solutions, such as our competitive market intelligence platform and our WiFi analytics and engagement capability. The real value arrives when using these platforms in conjunction with the client’s own data sets, and then applying insights and recommendations directly to the business, its operations, and its customers.
How does Invigor Group tap into data-driven solutions to deliver the best outcomes for clients?
A key component of all our client solutions is providing a better understanding of who their customers really are. In some cases such as shopping centres or transport hubs, there is very little customer data so our initial focus is on using data collected by our platforms in combination with the client’s own data to build ‘personas’ which may incorporate demographics, sociographics, life stage, intent, needs, and desires.
These personas shape our predictive models, loyalty mechanisms, and recommendation engines which in turn trigger ‘next actions’ and more effective customer engagement.
We help customers map, understand, and action the entirety of the journey. The fact that our intelligence encompasses physical, digital and transaction data provide brands with a 360 view of their market.
Empowered by this, the predictive models and recommendation engines work at their best to provide actionable insights, swiftly moving the needle towards profitability.
What is the biggest mistake you see companies make when approaching their data-centric strategies?
Not having a clear set of goals or objectives when initiating ‘data’ projects and not having a clear vision of how the investment will actually deliver on the objectives.
Invigor Group works alongside companies to provide leading data analytics and insights ensuring that retailers and brands can engage in more intelligent ways and eliminate data feeds that are prone to become overwhelming and redundant. Working in partner ship with Invigor Group puts brands and retailers in a strong position to compete successfully while also equipping them to respond to customer needs in real time. This knowledge and data links to long-term commercial outcomes and provides the efficient and personalised digital solutions for retailers and brands that provide a critical edge over the competition.